Asia-Pacific is expected to register the highest CAGR in the Global Luxury Perfumes Market during the forecast period due to increasing per capita disposable income and changing lifestyle trends. Liberalization on foreign trade leading to the penetration of major players in the Indian market has been a key driver fueling the regional market growth. Furthermore, consumer preference towards status symbol, brand loyalty, and personality enhancement are expected to further propel the demand for luxury perfumes in the coming years.
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Perfumes are manufactured through various methods by which fruits, flowers, herbs and spices used in perfumery are transformed into essences, absolutes and resinoids. The oldest method of perfumery includes macerating flowers in fats and oils. Another method involves the treatment of fragile flowers such as jasmine and tuberose referred to as enfleurage. Other method involved in the production of luxury perfumes include extraction by steam distillation which produce essences and can be further distilled into absolutes. Perfume manufacturers further process these materials before blending into what is known as a concentrate followed by a product formula. Improving skillsets in perfume making and technological advancements in luxury perfume industry lead to wide range of product offerings, thereby fueling the demand and popularity of luxury perfumes across the world.
The Luxury Perfumes Market in Europe is expected to dominate during the assessment period due the popularity of couturier, luxury goods and fashion house perfumes in the region. Luxury perfumes holds a major share in the prestige market of the region especially in France followed by Spain, Italy, Germany, and the UK. Trend in the usage of luxury perfumes majorly differs according age groups of the region. Growing popularity of French perfumes among women in the region for its elegant fragrances are also expected to further fuel the growth of luxury perfumes in the region during the forecast period.
Top Key Players:
Some of the key players in the Global Luxury Perfumes Market are Chanel S.A. (France), Guccio Gucci S.p.A. (Italy), The Estée Lauder Companies Inc. (US), Hermès International S.A. (France), Ralph Lauren Corporation (US), Clive Christian Perfume Limited (UK), Louis Vuitton Malletier S.A (France), Hannaford Bros. Co., LLC (US), Gianni Versace S.p.A. (Italy), and Dolce&Gabbana S.R.L. (Italy).
The Global Luxury Perfumes Market has been segmented by End-User, Product Type, Distribution Channel, and Region.
Because of End-User, the global luxury perfumes market has been segregated into men, women, and unisex.
By Product Type, the global luxury perfumes market has been classified as parfum, eau de parfum (EDP), eau de toilette (EDT), eau de cologne (EDC), and others.
The Distribution Channel segment of global luxury perfumes market is classified as store based and non-store based. The store-based segment is further divided into hypermarkets and supermarkets, specialty stores, and others.
North America is expected to grow steadily in the global luxury perfumes market during the forecast period due to high lifestyle trends and increasing affinity of consumers towards luxury goods. Growing penetration of global players leading to wide distribution in the region is fueling the regional sales of luxury perfumes. Celebrity fragrances such as Curious by Britney Spears, Sheer by Paris Hilton, and Glow by Jennifer Lopez are further adding revenue growth to the regional market. The market in rest of the world (RoW) is expected to witness a sluggish growth in the forecast period due to growing economies in Brazil and South Africa. However, extensive distribution of luxury perfumes, product awareness, and strong promotional campaigns are expected to boost the regional demand for luxury perfumes during the forecast period.
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